Cholamandalam Investment & Finance Area Receivables Manager Interview Questions and Answers

Trial balance is a list of all general ledger accounts with their respective debit or credit balances, while balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

• Trial balance is a working paper that helps in preparing financial statements, including the balance sheet.

• Trial balance lists all accounts and their balances, while balance she...read more

Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.

• Accounts receivable is an asset on a company's balance sheet.

• It represents the amount of money that a company is owed by its customers.

• It is created when a company sells goods or services on credit.

• The company expects to receive payment for these goods or services at a later date.

• Examples include invoices...read more

Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.

• A customer purchases goods on credit and agrees to pay within 30 days

• A company bills a client for services rendered and expects payment within 60 days

• A retailer allows a customer to pay for a purchase in installments over a period of time

• A supplier ships goods to a customer and invoices them for payment u...read more

Golden rules of account refer to basic principles of accounting that should be followed to maintain accurate financial records.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Every debit has a corresponding credit

• Assets = Liabilities + Equity

• Revenue - Expenses = Net Income

BRS stands for Bank Reconciliation Statement.

• BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books.

• It helps in identifying any discrepancies or errors in the bank transactions.

• The BRS is prepared by the company's accountant or accounts department.

• The statement includes details such as deposits, withdrawals, bank charges, and interest earned.

• The BRS is an...read more